Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023 using the information provided below. Congee Pty Ltd is a resident company, which has recorded the following transactions: Table 6 - Transactions $ 12/08/2022 70% franked dividend received 32,000 28/09/2022 Partly franked dividend paid (85% franked) 52,290 20/10/2022 PAYG instalment paid 16,000 1/02/2023 Income Tax refund received 22,500 15/02/2023 PAYG instalment paid 16,000 16/03/2023 Foreign dividend received (no tax was withheld) 7,650 21/04/2023 PAYG instalment paid 10,000 9/06/2023 21/06/2023 Partly franked dividend paid (45% franked) Fully franked dividend received 43,155 24,045 • • Congee is not a small business entity. The entity had an opening franking account deficit of $16,400. The relevant franking account deficit tax was duly paid on 19 July 2022. The entity was not granted any variations to its benchmark franking percentage.
Prepare the franking account for Congee Pty Ltd for the year ended 30 June 2023 using the information provided below. Congee Pty Ltd is a resident company, which has recorded the following transactions: Table 6 - Transactions $ 12/08/2022 70% franked dividend received 32,000 28/09/2022 Partly franked dividend paid (85% franked) 52,290 20/10/2022 PAYG instalment paid 16,000 1/02/2023 Income Tax refund received 22,500 15/02/2023 PAYG instalment paid 16,000 16/03/2023 Foreign dividend received (no tax was withheld) 7,650 21/04/2023 PAYG instalment paid 10,000 9/06/2023 21/06/2023 Partly franked dividend paid (45% franked) Fully franked dividend received 43,155 24,045 • • Congee is not a small business entity. The entity had an opening franking account deficit of $16,400. The relevant franking account deficit tax was duly paid on 19 July 2022. The entity was not granted any variations to its benchmark franking percentage.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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